Sensex up amid weak global cues

The Indian markets managed a decent start amid weak global cues, and the benchmark indices were trading with over 0.5 per cent gains in early trade. However, like Tuesday, the markets gave up some gains quickly, indicating weakness.

At 0930 hours, the Sensex was trading 84 points higher at 16,815 and the Nifty rose 24 points to take out the 5,050 mark. Salil Sharma, Partner at Kapur Sharma & Co said a close below 5,050 signified weakness and the probability of testing 4,950 levels is very high.

Anna Hazare fasts in stand-off with government

Anna Hazare, India's leading anti-corruption campaigner, fasted in Tihar Jail on Wednesday after refusing a police release order, a stand-off that has sparked nationwide demonstrations and widespread derision at Prime Minister Manmohan Singh's government.

The government arrested 74-year-old Hazare and more than a thousand of his followers on Tuesday, just hours before he was due to begin a fast to the death to demand anti-corruption legislation. It then made a U-turn and ordered his release after thousands took to the streets.

But Hazare refused to leave the prison, insisting he wanted the right to return to the city park where he had originally planned to fast. The Congress party was due to hold an emergency meeting early on Wednesday to discuss the crisis.

The crackdown on a self-styled Gandhian activist met with outrage from the opposition, sparking parliament's adjournment and protests, from candle-light vigils to the burning of effigies of government figures, in cities across India

Asia trading lower

At 7: 56 am (IST), Asian markets were trading lower. China's Shanghai Composite was down 0.43% or 11.11 points at 2,597.06.

Hong Kong's Hang Seng was up 0.64% or 128.40 points at 20,340.48.

Japan's Nikkei shed 1.01% or 91.89 points at 9,015.54.

Singapore's Straits Times was up 0.23% or 6.42 points at 2,839.15.

South Korea's Seoul Composite was down 0.20% or 3.74 points at 1,876.13.

Taiwan's Taiwan Weighted fell 0.65% or 50.77 points at 7,747.82.

Sensex up 100 points

The BSE benchmark -- 30-share Sensex -- extended its gains by 138 points to 16,868.73 amid a choppy trade. Support was seen coming from oil & gas, technology, FMCG, healthcare and select infrastructure & financial companies' shares. The 50-share NSE Nifty jumped 34 points to 5,069.60. However, broader indices were underperforming benchmarks with falling nearly 0.5%.

According to Laurence Balanco of CLSA, the old support zone of 5,100-5,200 is seen as initial resistance level, followed by next resistance level at 5,481.

Among largecaps, TCS, HDFC, Sun Pharma, Infosys, Jaiprakash Associates, HCL Tech and HDFC Bank were top gainers, with rising 2-3%.

Anna remanded to seven days judicial custody

Anna Hazare was today sent to seven days' judicial custody after he refused to sign a personal bond and come out on bail following his arrest.

Hazare, who was arrested in the morning on grounds of apprehension of breach of peace following his intention to defy prohibitory orders to go on indefinite hunger strike, was produced before a Special Executive Magistrate.

Delhi Police Commissioner BK Gupta told a press conference that the police was not keen that he should be sent to judicial custody. Gupta said the police was prepared for his being released on a personal bond if the Gandhian would have given an undertaking that he will not defy Section 144 of the CrPC that prohibits gathering of five or more people and also ask his supporters not to do so.

Sources said since Hazare refused to give an undertaking, the Magistrate remanded him to a seven-day judicial custody. He is likely to be taken to Tihar jail where he will spend time in judicial custody. Three other leading activists of the team Hazare--Kiran Bedi, Arvind Kejriwal and Manoj Sisodia-- were also sent to judicial custody on similar grounds.